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For me; I try to expand quickly. Then upgrade the newly acquired cities with a army or two close by for defense. Then push forward again and repeat process
Both have pros and cons as well. If you expand slowly, you give other empires the time to take territory and get very very large and scary. Then you have to either ally with them or take on a superpower. Expanding quickly will net you lots of land and money preventing others from taking it but you will run into more factions much more quickly which usually results in multiple front wars which can also ruin your campaign.
Go with what you feel comfortable with at the moment. If you can't expand, then focus your economy and upgrading your army. If you can expand, go for it.
-Is the area even worth holding? Some places are so unruly and geographically innavigable that it's best to leave it a barren wasteland.
-Can it be left alone without falling into rebellions or constant attacks from enemy forces?
-Will this expansion put me into conflict with another faction?
-Is this a good long term direction to expand in? Beating up on wimpy minor factions might seem tempting, but going for easy pickings may lead to a far more ambitious neighbor snowballing right onto your front doorstep.
A small footnote here: rapid expansion for your first two regions is generally the best strategy, since you need enough resources to support a full stack army, with change left over for building on a timely schedule. After that things can vary depending on location and faction.
You dont need to hold new territory, you just need to make bank taking it and having it for a while. dont build anything other than one or two economy buildings in settlements you arent sure you can hold, then take it again when it falls to rebels/enemies.
I havent really noticed any danger to overextending as long as you stick to those rules. AI is slow in its aggression, it generally wont take more than a settlement every few turns giving you time to build up and redirect armies, you are actually safer having a buffer area of low investment settlements than just a core of settlements that will cost you a ton to lose
However sometimes bumrushing and taking a region can help hinder the enemies growth or destroy their build up unit buildings.
All about the context of the situation.
I personally think that early expansion is less effective at the start, especially on higher difficulty. While you lack money at the start, AI get handed money and growth on a silver plate. Capturing level 1-2 settlements will bring little benefit - you need to wait for them to grow, then spend loads of money on buildings. Levelling up your lord as much as possible at the start and then capturing juicy level 3-4 (even 5) settlements that AI cheated to building up worked better in my experience.
Of course there are some exceptions, and it is better to conquer some of your neighbors as soon as possible in certain campaigns. Not for the sake of expansion, but for the fact that it is really difficult to take them out later on if you let them build up.
You play and you learn what works best for you in each campaign.